The Cryptocurrency world saw several notable developments this week. From Dogecoin’s potential breakout to the introduction of PayPal’s stablecoin, the landscape of the crypto market continues to evolve at a rapid pace.
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Pseudonymous crypto analyst, Kaleo, has suggested that Dogecoin (DOGE/USD) could experience a significant breakout, with potential gains exceeding 200%. Kaleo believes that DOGE could reach approximately $0.24, a substantial increase from its current trading price of around $0.075.
Cryptocurrency analyst Ali Martinez highlighted a positive correlation between two meme cryptocurrencies, Dogecoin and Shiba Inu (SHIB/USD). Data suggests that when Shiba Inu’s price moves, Dogecoin often follows suit. Despite Shiba Inu’s recent 20% surge, Dogecoin has yet to show a similar pattern.
In a bid to revolutionize the digital payments landscape, PayPal Holdings Inc. has introduced a new stablecoin called PayPal USD (PYUSD). Issued by Paxos Trust Co., this stablecoin is denominated in U.S. dollars and aims to provide stability in digital payments. A phased rollout for U.S. users is anticipated, with the value of PYUSD being anchored 1:1 to the dollar.
Well-known trader Peter Brandt has expressed his belief that the majority of altcoins, approximately 99.8%, will eventually meet a fate similar to the HEX coin. This statement comes in the wake of the Securities and Exchange Commission (SEC) suing HEX’s associated projects and its internet marketer, Richard Schueler.
In a mysterious turn of events, an unidentified wallet transferred 67.81 million Dogecoin to the cryptocurrency exchange platform Coinbase. Valued at over $5 million, the intentions behind this significant transfer remain unknown, leading to speculations of a potential whale dump.
These stories highlight the dynamic nature of the cryptocurrency sector and the constant changes it goes through. To learn more about these and other developments in the crypto market, you can refer to Benzinga’s comprehensive crypto coverage.
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